Atanu Chakraborty has resigned as part-time Chairman and Independent Director of HDFC Bank with immediate effect, citing ethical concerns and differences over certain internal practices. In his resignation letter, Chakraborty stated that developments within the bank over the past two years were “not in congruence with my personal values and ethics,” prompting his decision to step down.

Chakraborty, however, did not elaborate on the specific issues that led to his exit, stating that there were no other material reasons beyond those mentioned. Sources indicate that there had been differences within the board regarding the functioning of the bank for some time, although no official confirmation has been provided on the nature of these concerns.

Following his resignation, the Reserve Bank of India has approved the appointment of Keki Mistry as interim part-time Chairman for a period of three months starting March 19. Mistry, who previously served as Vice-Chairman of HDFC Ltd, is expected to oversee the bank’s governance during the transition period.

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Chakraborty joined the board of HDFC Bank in May 2021 and was part of a transformative phase for the institution, including the landmark merger between HDFC Ltd and HDFC Bank. The merger created one of India’s largest financial conglomerates, significantly expanding the bank’s scale and market presence, although its full benefits are yet to be realised.

In his farewell note, Chakraborty expressed gratitude to the board, senior management, and fellow directors for their cooperation and support during his tenure. He acknowledged the collective efforts of independent and non-executive directors in guiding the institution through key strategic decisions and maintaining governance standards.

HDFC Bank remains one of India’s leading financial institutions, with a market capitalisation of approximately ₹12.97 lakh crore. The sudden resignation of its chairman over ethical concerns is likely to draw attention from investors and regulators alike, as the bank navigates this leadership transition and addresses any underlying governance issues.

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